Hurricanes Underscore Insurers' Lack of Climate Change Readiness

Here in Vermont, inland flooding from Hurricane Irene resulted in 13 counties being declared a disaster zone. In his request for the declaration, Governor Peter Shumlin stated, "At the height of the storm's impact, there were 15 Vermont communities completely cut off by flood waters or failed infrastructure." The estimated cost of public assistance for recovery from the storm, Shumlin continued, will be in excess of $11 million. His request also noted that Vermont has experienced a number of weather-related disasters during the past nine months. In a press conference held yesterday to announce the publication of a new report, Sharlene Leurig, senior manager of the insurance program at Ceres and author of the report, stated, "2011 has been a painful and important reminder that changing climate will inflict damage across the U.S. Even before Hurricane Irene, insured losses i...